Ask any farm succession and planning expert and they’ll tell you.
Once you’ve asked several experts you’ll have a long list of “keys” that virtually all of then claim to be the most important one.
However there really is only one most important key to succession planning and it is not what you are probably thinking.
Some may [...]

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The farm succession planning process, and it is indeed a process, generally begins when someone has convinced a member of the family to have that first family meeting. The idea, at least in the minds of a few is that this meeting will set in motion, like a snowball rolling down hill, the succession planning [...]

Posted in Farm Estate Planning, Farm Succession Planning, Succession Planning 1 Comment »

Succession Planning Steps in Business Estate Planning

If you’re a business owner you should consider succession planning as part of your overall estate plan with your financial advisor.
Succession planning is the process of handing over the responsibilities of running a business to someone else when you are no longer able, or willing, to run it.
There are [...]

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When it comes to farm succession planning, aka passing down the farm or farm estate planning, there are seven keys – the most important of which is this. The farm’s owners must be willing to redesign the farm business if they expect farm succession success. Ok, each of the other six keys are the most [...]

Posted in Family Business Succession, Farm Estate Planning, Farm Succession Planning 1 Comment »

Needless to say, nothing says vacation like the words “Disney World!” – whether you’re a kid of eight or eighty.
If this is something you’re planning for there are several things to consider, not the least of which is how are your going to get there. In other words, you’ve determined your destination and the date, [...]

Posted in Farm Estate Planning, Farm Succession Planning, Planning for Succession No Comments »